Molson Coors swings back to profit in first quarter

WilliamSpain

NEW YORK (MarketWatch) -- Higher volume and lower taxes helped Molson Coors Brewing
TAP, +0.50%
swing back into the profit column in the first quarter, the beer behemoth said Tuesday. Molson Coors earned $4.4 million, or 5 cents a share, versus a loss of $30.2 million, or 35 cents, in the year-earlier period. Excluding various items, the company earned $25.1 million, or 28 cents, compared with a year-ago loss of $0.4 million, or 1 cent. Volume was up 2.9% to 8.9 million barrels while net sales were up 6.5% to $1.23 billion. The average estimate of analysts polled by Thomson Financial had been for Molson Coors
TAP, +0.50%
to earn 24 cents a share on revenue of $1.2 billion.

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